Daily Price Outlook

    * S&P 500 shows a slight bullish bias, trading around 4150 level

    * Overcame significant resistance at 4149, indicating bullish momentum

Bullish candlestick pattern on the four-hour timeframe signals strong investor sentiment

    * Potential continuation of upward trend towards 4150, with resistance levels at 4180 or 4195

On Thursday, the S&P 500, a leading stock market index, is exhibiting a slight bullish bias, trading around the 4150 level. It has recently surpassed a significant resistance level at 4149, which had been acting as a major hurdle.

Moreover, the formation of a bullish candlestick pattern on the four-hour timeframe indicates a strong bullish sentiment among investors regarding the S&P 500.

Therefore, if the candles continue to close above the 4140 level, it suggests a potential continuation of the upward trend towards the 4150 level, with the next target likely to be around the resistance levels of 4180 or 4195.

Additionally, the 50-day exponential moving average is providing support to the current trend by acting as a support zone around the 4130 level. Furthermore, the RSI and MACD indicators are holding in a bullish zone, further supporting the likelihood of a continued upward trend.

 SPX Price Chart - Source: Tradingview

SPX S&P500  - Trade Idea

Entry Price – Buy Above 4149

Stop Loss – 4120

Take Profit – 4196

Risk to Reward – 1 : 1.5

Profit & Loss Per Standard Lot = +$466/ -$296

Profit & Loss Per Micro Lot = +$466/ -$29



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